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Tax take figures show an increase of more than £15 billion

The latest HMRC statistics released today show an increase of £15.6 billion in the 12 months to September 2014 compared to the previous 12 months, with almost all taxes contributing to this rise.

VAT, payroll taxes (PAYE & NIC) and SDLT are up by £5.7 billion, £5.3 billion and £2.8 billion respectively, whilst despite a drop in the actual rate of Corporation Tax in the period, receipts are still up by £1 billion.

This 3.2% year on year increase in the total HMRC receipts compares favourably with the Consumer Price Index which last month dropped to its lowest rate for 5 years of 1.2% (Retail Price Index at 2.4%).

Frank Nash, senior tax partner, comments: “Year on year tax revenues are running at an increase of 3% with VAT and payroll taxes contributing the majority of this."